Following are the key benefits that you can get by applying for a Muthoot gold loan:
Muthoot offers a huge range of gold loan schemes. The key features of all Muthoot Fincorp gold loan types are mentioned in the table below:
|Type of Scheme||Loan Amount||Rate of Interest||Tenure|
|6 Months Plan||Rs. 5 Lakhs and Above||0.83% p.m.||6 months|
|9 Months Plan||Rs. 3 Lakhs to 5 Lakhs||1.25% p.m.||9 months|
|12 Months Plan||Rs. 3 Lakhs to 5 Lakhs||1.33% p.m.||12 months|
Below is the comparison of the Muthoot gold loan with the gold loan schemes of other lenders. You can check the key features of top lenders to see which is the best gold loan bank available in India and which lender offers the best gold loan interest rate before you apply for the loan.
|Bank||Rate of Interest (p.a.)||Loan Amount||Processing Fee||Tenure|
|Muthoot Fincorp Gold Loan||9.95% onwards||Rs. 15K to no upper limit||Nil||3-9 months|
|Bajaj Finserv Gold Loan||9.50% - 28%||Rs. 5000 - Rs. 2 Crores||0.12% of the loan amount (minimum Rs. 99 & maximum Rs. 600)||As applicable|
|Bank of Baroda Gold Lona||9.15% onwards||Up to Rs. 50 Lakhs||As applicable ||12 - 36 months|
|Canara Bank Gold Loan||9.60% onwards||Rs. 5,000 - Rs. 35 Lakhs||Nill||up to 2 years|
|HDFC Bank Gold Lona||8.30% - 16.55%||Minimum Rs. 25,000 onwards (Rs. 10,000 in rural markets)||Up to 1% of the loan amount||3 months - 2 years|
|SBI Gold Loan||8.70% onwards||Rs. 20,000 - Rs. 50 Lakhs||Up to 0.25% of loan amount||3 - 12 months|
|Indian Bank Gold Lona||8.65% - 10.40%||No upper limit||Nill||Up to 35 months|
|ICICI Bank Gold Loan||10% - 17.95%||Rs. 50,000 - Rs. 1 Crore||1%||6 months - 1 year|
|Kotak Mahindra Bank Gold Loan||8% - 24%||Rs. 20,000 - Rs. 1.5 Crores||Up to 2% + GST||Up to 4 years|
|Axis Bank Gold Lona||17% onwards||Rs. 25,001 - Rs. 25 Lakhs||Up to 0.50%||6 months - 3 years|
You will have to meet the following eligibility criteria to apply for a Muthoot gold loan:
Muthoot Fincorp requires the following basic documents for gold loans:
If any of the documents submitted by the borrower as identity proof also contains their address, then no separate address proof is required.
The gold is pledged as collateral for a gold loan, and on the basis of the gold’s value at the current market rate, the total amount that you can avail of as a loan is calculated by the lender.
Before you choose the best Muthoot Fincorp gold loan scheme, it is important to calculate your eligibility and possible Equated Monthly Instalments (EMIs), so you can make an informed decision. For this purpose, you can use the Muthoot Gold Loan Calculator available online on the official website of Muthoot Fincorp.
Here are the steps involved in calculating your gold loan EMI using Muthoot’s gold loan eligibility calculator:
Following are the fees and charges to be paid for availing of a Muthoot Fincorp gold loan:
You can easily apply for a Muthoot gold loan either online or offline.
Steps for the online process:
Steps for the offline process:
Rupeek Gold Loans are instant secured loans with no EMI option at interest rate starting at 8.88% p.a. You can avail of emergency loan ranging from Rs 50000 to Rs 20 Lakhs against gold jewellery, coins & ornaments. With bullet repayment option you repay entire loan at the end of the tenure.
The minimum loan amount that can be availed as a Muthoot fincorp gold loan is Rs. 15000
The interest rate of 1 Lakh in Muthoot Fincorp starts from 9.95% p.a., depending on the loan repayment tenure and other factors.
You can easily pay your Muthoot gold loan interest through the Muthoot’s website or mobile app.
For 1 gram of gold, you will be able to avail of a loan amount equivalent to 75% of the market price of the metal on that particular day.
Once your gold loan in Muthoot Fincorp is closed, you are free to deal with the ornament in any manner. You can definitely sell the pledged gold jewellery after redeeming it from Muthoot.
No. The CIBIL does not have any role in the processing of the Muthoot gold loan.